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Make pension schemes attractive: a call for Kenyan pension funds
Pension funds in Kenya are not attracting enough savers from both the formal and informal sector because of low penetration, experts say.
A publication of the Zamara Kenya Pensions Watch 2022, shows coverage of the current pension in Kenya is at around 17.7 per cent of the total employed population.
About 83.2 per cent of employed Kenyans in the informal sector have no access to any form of pension savings.
Speaking at a Pension Trustee Seminar, organised by Zamara, former education CS George Magoha said improving the retirement benefits framework will help widen coverage across the working population.
It will increase penetration in the expansive informal sector that remains excluded from saving for retirement.
“There is need to increase the levels of savings in both private sector and public sector retirement benefit arrangements, to ensure that those covered receive an adequate benefit that will cover their basic needs when they retire,” he said.
Zamara Group CEO Sundeep Raichura said the provision of retirement benefits is limited to the public sector workers, and the private sector is slow in rolling out such benefits.
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